As economic uncertainties loom and the insurance industry faces unprecedented challenges, one company stands out for its financial strength and strategic foresight. At the helm of this financial ship is Shakeel Summun, the Group Chief Financial Officer of National Insurance Co. Ltd, whose journey from a casual student to a financial powerhouse is as remarkable as the company he has been working for.
National Insurance Co. Ltd has weathered many storms, but none quite like the current global economic climate. With shifting market dynamics, regulatory pressures, and evolving customer expectations, the insurance sector is in dire need of visionary leaders. Enter Shakeel, whose unique blend of expertise and experience has positioned him as the right person for these turbulent times.
Shakeel’s path to becoming a financial leader was far from traditional. Initially showing little interest in academics at the very young age, he subsequently discovered a passion for finance and accounting that would shape his future. Through sheer determination, he earned qualifications from prestigious institutions (ACCA, ICAEW & CFA), laying the groundwork for a career that would take him to the upper echelons of the financial world.
His professional journey began with the Big Four accounting firms, where his talent quickly became apparent. Shakeel’s rapid ascent through the ranks saw him take on leadership roles in the offshore and financial services sectors, honing the skills that would prove invaluable in his current position.
The pinnacle of his career came with his appointment as Group CFO at NIC Group, a role that was initially filled in with critical challenges to be turned around and transformed at National Insurance Co. Ltd in a uniquely complex environment. His strategic vision and financial acumen have been crucial in navigating the company through complex market conditions and significantly contributing to the restructuring and transformation of the business.
Colleagues describe him as a leader who combines analytical prowess with a human touch. His ability to see the big picture while never losing sight of the details has made him an invaluable asset to National Insurance Co. Ltd.
Behind Shakeel’s professional success lies a strong support network of family, friends, and mentors who have been instrumental in his journey. This balance of personal and professional relationships has shaped him into a well-rounded leader capable of steering the group towards a prosperous future.
Let’s explore his innovative journey in finance!
A Passion for Excellence
Shakeel’s journey into finance began with an innate fascination for numbers and a desire to make a significant impact in the business world. Although initially contemplating a career as a teacher like his father, Shakeel’s passion for finance led him to pursue advanced qualifications, including ACCA, ICAEW and CFA.
His career took off at Deloitte and Ernst & Young, where he quickly recognized the key role finance plays in organizational success. This insight fuelled his ambition to excel as a CFO, where he has been instrumental in crafting financial strategies and driving substantial business achievements.
Mastering the Balance
He has successfully navigated the complexities of balancing a demanding profession with a fulfilling personal life. Early in his career, he faced the challenge of juggling both spheres, which required disciplined time management and setting clear priorities.
As his roles and responsibilities evolved, Shakeel adopted a flexible approach, adjusting strategies to maintain balance. During intense project periods, he temporarily shifts personal commitments, always mindful of reflecting on his work-life harmony.
Through meticulous planning, open communication, and nurturing relationships, Shakeel has cultivated a balance that augments both his professional achievements and personal well-being.
A Passion Brilliance
Shakeel’s appetite for business is driven by his deep fascination with strategic problem-solving and the active nature of financial markets. He thrives on the challenge of analyzing data, crafting strategies, and driving growth, turning complex financial scenarios into actionable plans.
His commitment to excellence is evident in his relentless pursuit of innovative solutions and opportunities. This passion certifies that Shakeel consistently contributes to organizational success, nurturing sustainable business advancement and impactful results.
A Hunger for Growth
Shakeel’s driving appetite lies in his deep commitment to finance and strategic growth. He is energized by the challenge of converting complex data into actionable insights and developing strategies that lead to organizational success through a blend of financial transformation strategies, execution discipline and passionately engaging team members surrounding him or working with him on strategic projects.
The opportunity to lead, innovate, and make a tangible impact fuels his daily motivation. Shakeel’s solid dedication to achieving excellence and promoting sustainable growth is the foundation of his professional journey, pushing him to consistently deliver outstanding results.
Challenges in COVID-19
The COVID-19 pandemic posed significant challenges for the financial services sector, impacting both stability and efficiency.
He played an instrumental role in steering forward key strategies to navigate these difficulties such as implementation of remote work for service continuity to insurance clients, streamlining operations to adapt to confinement exigencies, and accelerating digital transformation with a view to maintaining customer engagement and reducing costs while recalibrating the financial base of the organisation for post-Covid recovery, sustainability and growth. The collective efforts of the team on agility and quick adaptation to shifting market conditions not only guaranteed survival but also uncovered new growth opportunities, ultimately strengthening the organization’s market position.
Lessons of Balance
Shakeel’s success is rooted in his strengths—analytical thinking, strategic foresight, perseverance, and teamwork. These qualities have helped him excel in directing complex financial environments and capitalizing on opportunities. However, Shakeel’s tendency to overcommit has sometimes led to burnout, a challenge he has turned into a learning experience.
Diagnosing the root causes of business challenges, and the importance of strategizing, delegation, execution discipline and balance, he now underscores managing workloads effectively and warrants that his team remains motivated with a positive mindset, offering valuable lessons for others.
A Legacy of Leadership
His career is marked by significant achievements, notably as Group CFO at NIC Group, where he played a key role in driving exceptional financial growth with the contribution of the team and the unflinching support of all stakeholders. His accolades include being named a Global 200 Power Leader in Finance for 2024 and receiving the Young Achiever of the Year Award from the Africa Leadership Awards in 2014.
A decade-long pledge to continuous education as a CFA Charterholder underscores his dedication. Beyond his professional success, Shakeel balances a fulfilling personal life, contributes to professional organizations, and served as a former board member of SBM Bank (Mauritius) Ltd., reflecting his firm commitment to excellence and leadership.
Ready to Shape Global Finance
Shakeel’s selection for the Top 10 Global Leaders to Watch in 2024 is supported by his remarkable track record of transformative leadership and strategic innovation. As Group CFO at NIC Group, with the untiring support of Board, Higher Management and the entire workforce, Shakeel assisted in steering the company to unprecedented financial growth, even in challenging and exceptional conditions.
His recognition as a Global 200 Power Leader in Finance and the Young Achiever Award reflect his assurance of excellence. Shakeel’s ability to drive results, adapt to change, and inspire teams, along with his active involvement in professional organizations, positions him as a formidable force in shaping the future of global finance.
A Mantra for Success
Shakeel’s message to desiring leaders stresses the power of lifelong learning, tenacity, right attitude and critical thinking as the keys to growth and success. Inspired by Gandhi’s wisdom, he advocates for balancing professional ambitions with personal well-being and building strong relationships for collaboration.
Drawing from his experience as an auditor, he climaxes on the importance of critical thinking, particularly using the “5 why’s” technique to uncover root causes. By remaining curious, focused, and open to innovation, Shakeel believes anyone can achieve meaningful success and leave a lasting impact in their field.
Creating a Lasting Bequest
He shares a powerful message with viewers, urging them to view challenges as reagents for growth and innovation. He underscores the importance of staying curious and dedicated to lifelong learning, and holding the right mental attitude at all times and actively embracing technological advancement, which is important for thriving in a constantly-shifting world.
Shakeel also highlights the value of nurturing both professional and personal relationships, as they offer major support and diverse perspectives. He cheers, balancing ambition with well-being, reminding viewers that true success lies in the positive impact you make on others and the legacy you create. Stay resilient, push boundaries, and strive to achieve your full potential. And serve the broader society through engagement, care and sharing.
To connect/follow: https://www.linkedin.com/in/shakeel-summun-aca-fcca-cfa-aa7ab48/
